Swift intraday liquidity messaging selected for BCBS 248
The Payments Market Practice Group (PMPG) has selected Swift's messaging system for intraday liquidity reporting as required by the Basel Committee on Banking Supervision (BCBS)
The Swift messaging system underpins the rulebook released by the Liquidity Implementation Task Force (LITF) ─ an industry group of 25 clearing banks, custodian banks and global brokers. The rulebook was created to aid compliance with BCBS 248, which calls for banks to implement monitoring tools for intraday liquidity management by January 2017.
"Having a very clear, best practice on the use of intraday reporting messages is an essential tool that will enable banks to collect the necessary data in support of the regulatory requirements across different jurisdictions," says Michael Knorr, head of payments and liquidity risk management at Wells Fargo and a PMPG member. "The PMPG's endorsement of these guidelines should provide the right vehicle for the banking community to use as a common reference enhancing current intraday reporting services."
This article was originally published on sister website WatersTechnology.com.
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